Certain terms are usefully defined at the outset. It pays to replace or restore stolen items and items damaged or destroyed by fires, windstorms, and other events. Cession places part of certain losses on the re-insurer. is a contract of reimbursement. Commercial property insurance is a form of insurance that protects the property owned by your business – your building, equipment, store fixtures, and more. Auto Insurance: An auto insurance is a policy purchased by vehicle owners to mitigate costs associated with getting into an auto accident. Certain terms are usefully defined at the outset. Accident. Know the basic types of insurance for individuals. Property insurance. See your policy for an exact definition of the meaning of the term in your policy. 19.1 Definitions and Types of Insurance. Cession (or to cede) applies to an insurance provider and the insurance company’s insurer (re-insurer). Name and describe the various kinds of business insurance. 19.1 Definitions and Types of Insurance. is a contract of reimbursement. Insurance glossary Property insurance definition. Cession (Insurance) Definition. insurance definition: 1. an agreement in which you pay a company money and they pay your costs if you have an accident…. The Insurance Handbook reflects this diversity of subjects and issues. Life insurance definition is - insurance providing for payment of a stipulated sum to a designated beneficiary upon death of the insured. insurance a contract under which one party (the insurer), in consideration of receipt of a premium, undertakes to pay money to another person (the assured) on the happening of a specified event (as, for example, on death or accident or loss or damage to property). An unexpected, unintended event that caused bodily injury or property damage. Learning Objectives. The book begins with basic information on the various types of insurance, including auto, home, life, annuities and long-term care. Meaning, pronunciation, picture, example sentences, grammar, usage notes, synonyms and more. Learn more. The following are terms you may hear used in connection with your insurance policy. Insurance A contract of reimbursement. Learning Objectives. Definitions of Insurance Terms. The instrument containing the terms of the contract is known as a policy. Definition of Fire in Insurance. Definition of insurance noun in Oxford Advanced Learner's Dictionary. Insurance A contract of reimbursement. Know the basic types of insurance for individuals. 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